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. ♪ lou: house speaker boehner says the president is slow walking our economy to the fiscal cliff. former reagan white house counsel, financial crisis inquiry commission member peter wallace will join me here in just moments. let's take a look at tonight's "moneyline." the dow and &p managing gains. the nasdaq weighed down by another bad day for apple and its investors. the dow up 81 points. s&p up four, the nasdaq fell leaven. just over 3 billion shares traded on the big board today. the dow up 1%, s&p ligly higher making three straight weeks of wins. the nasdaq down 1% for its first losing week of the past three. apple investors are having a rough time with the dow down. the stockdown 9 percent this week. but even with that selling, the stock remai up 30% year-to-date. wall street analts say much of the selling can be explained by investors looking to avoid possibly having to pay gains on the sale of that stock at a higher rate next year. others simply taking profits. financial stocks strong. today j.p. morgan chase led the weight. news that it is expanding the numbers of its bra
. ♪ lou: house speaker boehner says the president is slow walking our economy to the fiscal cliff. former reagan white house counsel, financial crisis inquiry commission member peter wallace will join me here in just moments. let's take a look at tonight's "moneyline." the dow and &p managing gains. the nasdaq weighed down by another bad day for apple and its investors. the dow up 81 points. s&p up four, the nasdaq fell leaven. just over 3 billion shares traded on the big...
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when it comes to the fiscal cliff that is turning our economy and jobs, the white hhuse is wasted another week. gerri: what do you say? we wasted another week. we seem to be getting nowhere, and now folks are saying the president is trying to entice us of the fiscal cliff. >> look, i think they're actual some pretty strong incentives for the president to take the country over the fiscal cliff. if you look at what the president's stance to gain if the country goes over the fiscal cliff, there are very clear and identifiable things. on the one hand the president could identify himself as a tax cutter. he could say -- on january 1st the president in terms of the country and say, now in favor of cutting these taxes that have been raised because we did not solve this before the fiscal cliff. he can turn and say to my want to restore some of this funding that my secretary of defense and joint chiefs of staff told me i need to restore and can position himself as sort of the protector of u.s. national security. so there are some clear incentives to the president to lead the country over the fisca
when it comes to the fiscal cliff that is turning our economy and jobs, the white hhuse is wasted another week. gerri: what do you say? we wasted another week. we seem to be getting nowhere, and now folks are saying the president is trying to entice us of the fiscal cliff. >> look, i think they're actual some pretty strong incentives for the president to take the country over the fiscal cliff. if you look at what the president's stance to gain if the country goes over the fiscal cliff,...
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that deadline isn't even the real fiscal cliff. david: that strategist is none other than peter schiff, ceo of europacific precious metals. friend of the show. peter, although i wish it was under better circumstances. you say the real cliff coming is bigger han the housing mess, bigger than the housing crisis we went through. it's the bond mess. specifically when the fed stops printing money to buy up treasurys all hell will break loose, right? >> well, and if it continues to print money it will be a bigger hell. if we avoid the fiscal cliff we end up throwing the dollar over the currency cliff because we send a message to the world america will never pay its bills. we'll keep borrowing money until the creditors cut us off. that is when interest rates skyrocket. the pressure on the fed and if the fed caves in to buy up all the bonds nobody wants we destroy the dollar. that is even bigger crisis than if we let the bond market collapse and let it take the economy with it. liz: let's not start so macro. we're throwing out this term th
that deadline isn't even the real fiscal cliff. david: that strategist is none other than peter schiff, ceo of europacific precious metals. friend of the show. peter, although i wish it was under better circumstances. you say the real cliff coming is bigger han the housing mess, bigger than the housing crisis we went through. it's the bond mess. specifically when the fed stops printing money to buy up treasurys all hell will break loose, right? >> well, and if it continues to print money...
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the mortgage deduction pieces per the fiscal cliff could throw a short-term wrinkle in there. domestic energy is a huge boom in the economy right now. there are some bright spots. the problem is to add them all up and it still does not come anywhere near what the consumer represents in the economy. i don't think it will be a drag on the economy for the ongoing deleveraging still necessary, income growthhfairly weak relatively slow job recovery, that these of the economy is still likely to be slow growth mode. tracy: a fiscal cliff is a drag on confidence whether you understand the implications of it or not, just hearing it is enough to make you want to hide under your pillow, right? what is your thought on this? consumers have not so much been whistling past the graveyard on the issue, only more recently, to the realization of what this could possibly mean for them ant also some positive to focus on which his housing and gasoline prices. businesses have been dealing with the uncertainty factor for many months now. the only potential good news is we might have front end loaded
the mortgage deduction pieces per the fiscal cliff could throw a short-term wrinkle in there. domestic energy is a huge boom in the economy right now. there are some bright spots. the problem is to add them all up and it still does not come anywhere near what the consumer represents in the economy. i don't think it will be a drag on the economy for the ongoing deleveraging still necessary, income growthhfairly weak relatively slow job recovery, that these of the economy is still likely to be...
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liz: are we wasting too much time on fiscal cliff discussion and the potential effect on our money, should we not be focusing on these other issues and somehow bulletproof our investments as it pertains to each one of these concerns. we talk about doubling up. >> we should make pay more attention to europe. the attention we're paying to the fiscal cliff is not actually productive. in fact, it is leading to polarization of positions that have to be negotiated in private, and the lesson here from washington, the better i like the fiscal cliff. liz: the talks were secret today. >> might notice the financial markets are not actually very volatile in response to the special fiscal cliff. we should let it go. -@something will be resolved evn if it is only postponement, which i suppose sinc into the mt likely outcome. liz: talk mother three hidden risks bubbling up. we'll put the him on the facebok page. thank you, it is an honor to have you here. do you have a facebook page? >> the volatility institute. >> one of her students will help you put together. good to see you, professor. the closing be
liz: are we wasting too much time on fiscal cliff discussion and the potential effect on our money, should we not be focusing on these other issues and somehow bulletproof our investments as it pertains to each one of these concerns. we talk about doubling up. >> we should make pay more attention to europe. the attention we're paying to the fiscal cliff is not actually productive. in fact, it is leading to polarization of positions that have to be negotiated in private, and the lesson...
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christine lagarde warned that the american economy won't grow next year without a deal on the fiscal cliff. listen to this. >> my view personally is that the best way to go forward is to have a balanced approach at that takes into account both increasing the revenue, which means, you know, either raising tax or creating new sources of revenue. and cutting spending as well. >> very interesting. europe is deep, deep in a financial crisis and ms. lagarde, who heals from tax the rich, 75% france is lecturing america, very interesting. >> meanwhile, european markets are down and because the italian prime minister mario monti m a surprise. is going to resign. and silvio berlusconi wants to replace him. europe is appalled. and people blaming the recession for not having more children. 64 births for one thousand women of child bearing age. half of the peak of the baby boom in the 1950's. our next guest has six children, counts them. and what's that-- >> and naham segal. that works. >> have i got that word? >> and light tte candles. >> if you light them i will come. >> you have six children.
christine lagarde warned that the american economy won't grow next year without a deal on the fiscal cliff. listen to this. >> my view personally is that the best way to go forward is to have a balanced approach at that takes into account both increasing the revenue, which means, you know, either raising tax or creating new sources of revenue. and cutting spending as well. >> very interesting. europe is deep, deep in a financial crisis and ms. lagarde, who heals from tax the rich,...
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do you think the economy has already suffered for lack of a deal to avoid the fiscal cliff? >> i think so. if we look at business investments declining in the third quarter, some as business nervousness. businesses are holding back on investment, near-term. lori: do agree the fittest and all they all they can in expecting an announcement of wanted it using three this week? the fed cannot solve this problem. >> they need to avoid most of the spending cuts and tax increases with economy likely to go under recession. the fed can help out somewhat but if we see those spending cuts and tax increases, we're likely to see it go back and ino recession. lori: purchasing the short-term, we invest in the long-term help in the mortgage market. we have seen a real those haitian, is it fair to say it has helped those housing in the economy? >> absolutely. housing prices are start to increase. buying long-term treasuries, buy mortgage-backed securities to help push down mortgage rates, affordability is incredibly kind giving low mortgage rates and the big price declines we've seen since th
do you think the economy has already suffered for lack of a deal to avoid the fiscal cliff? >> i think so. if we look at business investments declining in the third quarter, some as business nervousness. businesses are holding back on investment, near-term. lori: do agree the fittest and all they all they can in expecting an announcement of wanted it using three this week? the fed cannot solve this problem. >> they need to avoid most of the spending cuts and tax increases with...
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connell: to that point, if you are right about that, and the fiscal cliff does give push forward in some form again, if it is not may be priced in, the market may have a little bit of room to rally on it. if you look at the economy, it is actually doing okay. i think those things go away if we get a deal. i don't think that is priced in at all. connell: great to have you on. thank you for joining us today. >> my pleasure. dagen: a stock alert for you. it could be a record-setting day at fedex. this could be the busiest day in the company's history. they have about 300,000 permanent workers worldwide. they add an additional 20,000 workers for the seasonal work. it is up 1%. goldman sachs, speaking of the economy: even in the firm's baseline forecast, you can expect economic slowdown in early 2013. things will be even worse if washington cannot cut a deal. financial conditions will very likely be cliff like, early january. connell: stick around for the story coming out of australia. the police there are warning drivers that a problem with apple maps can actually be deathly. dagen: gerri ma
connell: to that point, if you are right about that, and the fiscal cliff does give push forward in some form again, if it is not may be priced in, the market may have a little bit of room to rally on it. if you look at the economy, it is actually doing okay. i think those things go away if we get a deal. i don't think that is priced in at all. connell: great to have you on. thank you for joining us today. >> my pleasure. dagen: a stock alert for you. it could be a record-setting day at...